HempNewsBreaks – Sugarmade Inc. (SGMD) Signs LOI, Plans to Operate California Cannabis Cultivation Facility

Company: Sugarmade Inc. (SGMD)
Category: News

Sugarmade Inc. (OTCQB: SGMD), a leading, multidivisional/multiproduct/multisector supply company announced it has signed a nonbinding letter of intent (“LOI”) to negotiate a definitive lease agreement granting access to an estimated 40 acres of property located in North California. The LOI is with LMK Capital LLC. SGMD announced that it plans to allocate five acres of the parcel for the operation of a licensed, regulated cannabis cultivation company. Sugarmade has other cannabis interests. The company currently owns a 40% stake in BudCars, a cannabis delivery company operating in the San Francisco area; the company also has an option to increase that share to 30%. Sugarmade estimates the five acres under negotiation could produce as much as 8,000 pounds (or more than 3,628,700 grams) of cannabis flower per year. “We continue to take strategic steps toward broadening our exposure to the growth trend in the cannabis market,” said Sugarmade CEO Jimmy Chan. “We see this as a secular growth trend that is still very much in its early innings. And we believe our positioning in California puts us close to the current epicenter of that trend. In addition, we are committed to increasing verticalization of operations as a context for our investment in the BudCars cannabis delivery business. If we are able to finalize the lease, we expect that this could drive a substantial widening of margins on the growing volume of BudCars sales.”

To view the full press release, visit https://www.cnw.fm/nT0pD

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. SGMD sees opportunities in business operations that combine the best areas of on-demand consumer distribution with certain areas of synergistic manufacturing and packaging to create a business model that capitalizes on the many changes in the cannabis industry. The company has made agreements with several market participants, which will be announced in 2020. The company views these opportunities as scalable and capable of producing strong revenue growth. For more information, see the company’s website at www.Sugarmade.com.

NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SUGAR

About HempWire

HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.

To receive instant SMS alerts, text HEMPWIRE to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.hempwire.com

Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.hempwire.com/Disclaimer

Do you have questions or are you interested in working with HW? Ask our Editor

HempWire (HW)
Denver, Colorado
www.hempwire.com
303.498.7722 Office
Editor@HempWire.net

HempWire is part of the InvestorBrandNetwork.

HempWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722